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by Stockwatch Business Reporter
The TSX Venture Exchange fell 11.31 points to 878.20 Friday, ending the week down 17.51 points.
Steve Bajic's ninth capital pool shell, the halted Margaux Red Capital Inc. (MXC), plans to acquire Sigma Lithium Resources Inc. for the shell's qualifying transaction. The acquisition terms are not yet available, but on closing of the QT, Sigma Lithium's shareholders will own 99 per cent of the resulting issuer. Currently, the shell has 6,696,750 shares issued.
Sigma Lithium was formed in April, 2017. It owns the past-producing Sigma lithium project, which covers 15,000 hectares in Minas Gerais, Brazil. Sigma Lithium drilled 9,000 metres at the property between August and December, 2017, and expects to complete a National Instrument 43-101-compliant technical report this first quarter.
In connection with the QT, Sigma Lithium plans to sell a $10-million private placement. It has not yet set the price. The resulting issuer will use the proceeds for exploration.
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